Real Assets Value (@realassetsvalue): "NLOP two additional property sales and announces a further distribution of $3.30 per share (ex-div March 29th, payable April 14th): Vacant asset in St. Petersburg / Tampa (formerly leased to Bankers Financial): Achieved a strong price of $22.5m, 2x my estimate. Residential …"

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NLOP two additional property sales and announces a further distribution of $3.30 per share (ex-div March 29th, payable April 14th):

Vacant asset in St. Petersburg / Tampa (formerly leased to Bankers Financial): Achieved a strong price of $22.5m, 2x my estimate. Residential development site.
North American Lighting in the Detroit suburbs: Sold following long-term lease regear (~15yr WALT) for $12.7m / 8.5% cap, slightly behind my estimate (I had it at an 8% cap).

Bumps my liquidation value estimate by ~$0.75 per share to $16.00. Market priced this good news in quickly. Continues to trade around 10% below NLV.

Sticking around to see where Omnicom / Playa Vista and Coralville, Iowa end up - the last two assets that can really move the needle (I have them valued at ~$75m, ~40% of remaining property value).

Real Assets Value

Feb 26

Net lease office properties out with Q4 2025 results.

Key highlights:

Sold 2 additional properties - a ~1yr WALT asset leased to ICF for $3.9m / ~$40 PSF and their S&ME property in Raleigh for $8.7m, a 6.3% cap rate (11.2yr WALT). ICF sale was 50% below my NAV estimate but S&ME was ~30% above (I had assumed 8% cap rate).
Significant CPI-li…

substack.com/@realassetsvalue/note/c-202971315

Mar 19

2:32 PM

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